The odds that you will become rich are 1 in 19. The chances are on your side. Start thinking big and grow rich by making more money your way.
How To Grow Rich Fast Content Overview (Quick Links)
Think Big and Grow Rich by Learning How to Become Rich. How To Grow Rich Fast.
Being rich is a choice and so is being poor. Wealthy people know what to do to remain wealthy; while poor people do things to keep them poor.
5 Proven Ways to Stay Poor.
Don’t imagine or believe you can become wealthy. Consider it an impossible goal fit only for dreamers.
Accept that it’s possible, but don’t decide to make it true in your own life. Focus on other things beside becoming wealthy.
Decide that you will improve your financial life, but procrastinate and put off the journey. Today you’re busy or tired or whatever. Maybe you’ll start tomorrow.
Fail to delay gratification and spending. Don’t worry about your budget, don’t save today so that you can invest tomorrow.
Continuously operate with a short-term perspective, living day to day. Don’t try to plan your retirement or take control of your own life.
- 20 Things the Poor Really Do Every Day
- Do These 6 Things—If You Want to Be Poor
- This Is What It’s Really Like To Be Poor
- Quick Basics for Those Learning to Live Poor
- 5 Things to Do If You Are Tired of Being Poor
“First, make a decision to be the best at what you do. Pay any price. Make any sacrifice. Go any distance to become excellent in your field.”
5 Proven Ways to Stay Rich. How To Grow Rich Fast.
Become an entrepreneur
- Economic history suggests this is the number one path to newfound riches in America. Some 74% of all self-made millionaires in the U.S., for the past 200 years have owned their own businesses.
Work your way up
- With the advent of stock options, it is also possible to work your way to wealth. About one in 10 of the millionaires in the U.S. worked for large corporations for many years. They worked hard, were promoted, earned stock options, participated in profit sharing plans, and held onto that money to become millionaires.
Become a professional
- Education pays. Ten percent of U.S. millionaires are professionals with advanced degrees, such as dentists, doctors, lawyers, architects and engineers, whose services are in demand and who charge well for what they do.
Enter the sales profession
- Some 5% of U.S. millionaires, one in 20, got that way by being top salespeople and sales consultants. Great salespeople may never have started a business, but they know how to sell a product or service and they get paid handsomely for doing it. Here the 80/20 rule proves true: the top 20% of salespeople earn 80% of the money.
- Some millionaires invested well in the stock market, created an invention or authored some creative product or service.
- Financial planner Tom Corley: How to get rich and stay rich
- The Secret to How the Rich Stay Rich
- How do the wealthy stay wealthy?
- 6 Habits Longtime Millionaires Rely On to Stay Rich
- 6 Reasons the Rich Stay Rich
- 8 Steps to Getting and Staying Rich
How the Wealthy Think Big and Grow Rich. How To Grow Rich Fast.
5 Qualities of Top Individuals in Any Field From Who’s Who In America.
“The wealthy are not very different from you and me. They have simply used more of their God-given talents and done things in a different way from the majority.”
Uncommon common sense
- The respondents had the ability to learn from their experiences and not repeat their mistakes. They determined what worked and what didn’t, and pursued what worked.
- This is more than IQ, or what grades you received in school. Some of those polled didn’t do particularly well in college, if they graduated at all. Many successful entrepreneurs display the same traits of impatient curiosity exhibited by children with attention deficit disorder. The two key forms of intelligence needed to succeed in life are social intelligence, which is the ability to get along well with a large variety of people, and entrepreneurial intelligence, defined as the ability to see opportunities for profit that others might miss.
- Successful people do their jobs well. They are expert at what they do and become recognized as top performers. Above average performance isn’t enough; you must achieve excellence.
- Top performers consider themselves the primary motivating, creative force in their own lives. In their minds, they are responsible for their own success. Thus, they refuse to make excuses or blame others.
- People who have attained excellence focus continually on getting results. They are single-minded, intent on what it takes to get the job done.
If you find people who exhibit these qualities and model your behavior after theirs, before long, the odds are you’ll be on your way to thinking big and growing rich.
- 10 traits rich people have in common
- How to Become a Billionaire – 7 Characteristics of the Rich & Wealthy
- 6 Personality Traits of the Wealthy and Successful
- 21 Characteristics of Rich People
- Personality traits of rich people – Business Insider
- The habits of the wealthy: What rich people do differently
27 Ways to Think Big And How To Grow Rich Fast
- Live with passion – Make a total commitment to be excellent.
- Save your money – Always save 10% of what you earn.
- Be diligent – Work harder than everyone else.
- Expand your workday – Try starting an hour earlier or working through lunch.
- Develop specialized knowledge – In the information economy, knowledge is power.
- Refuse to let fear hold you back – Don’t let worries or fears get in your way.
- Determine where you are weakest – Commit to improving any lagging skills.
- Find a good job – And then work hard on doing the job well. 10% of self-made millionaires in the U.S. have worked all their lives for their companies and became very wealthy by becoming very good at what they did.
- Do what you love to do – Successful people virtually always love what they do for a living. Ask yourself if you could only do one thing all day long, what would it be?
- Determine your core competencies – What jobs or tasks do you do really well? Answer that question, and then organize your life around those endeavors.
- Be a good student – Commit to lifelong learning.
- Boost others – Make yourself critical to other people’s success.
- Use your time efficiently – Don’t do anything that takes you away from your work. Don’t drink coffee, read irrelevant e-mails or visit with your pals at the water cooler.
- Accept total responsibility for your results – Tell yourself, “I am responsible.”
- Examine your priorities – Check with your boss to make sure your priorities match what you are expected to accomplish.
- Take over tasks from your boss – Learn what your boss dislikes doing and then do it better.
- Refuse to be satisfied – Always ask for more. Ask for more responsibility from your boss and for more productivity from those working under you.
- Learn to do things faster – Become known as the one others rely on to do a job fast.
- Network continually – Being a successful manager means getting promoted, and often that depends on whom you know. Consider joining a professional association, Dale Carnegie or Toastmasters. Being able to think and speak on your feet is a big plus.
- Determine your job’s critical aspects – Every job has crucial responsibilities. Identify those areas and focus on being excellent in accomplishing them.
- Develop excellent work habits – Maximize your productivity. Become more efficient.
- Nurture a power base – Build power in your company and your community. Establish personal power in relationships, expert power due to job knowledge and abilities, and position power from rank and title. Make the most of your position in these areas.
- Guard your integrity – Trust is the basis for all relationships; be the one others trust.
- Focus on the future – Where you came from doesn’t matter as much as where you are headed. Become a results-oriented, future-oriented person.
- Start where you are – Don’t pine over what you are not. Instead, focus on what you are and make yourself better.
- Develop prosperity consciousness – Write and rewrite your goals, and consider yourself a wealthy person in training.
- Become a no-limit person – It is just as difficult to remain poor as it is to make the necessary sacrifices to become successful and wealthy. Working harder at the beginning will pay off handsomely later.
Your success is 100% up to you. How To Grow Rich Fast.
To think big and grow rich, become a “no-limit person.” That is, you must decide that nothing can prevent you from accomplishing your goals. Stop putting limits on yourself and do not allow others to place limits on you either.
Start the process, continue and never give up.
Believe that the streets you walk daily really are paved with golden opportunities. You only have to open your eyes and see them. Always think big and grow rich your own way.
“Only one person in 100 becomes wealthy in the course of their lifetimes. Only 5% achieve financial independence, in that they have enough money to support their lifestyles without ever having to work again. This means that the odds against you ending your financial life successfully are 19 to 1.”
- 6 steps to ‘think and grow rich’ – Business Insider
- ‘Think And Grow Rich’ Napoleon Hill’s 12 Riches Of Life
7 Steps To Make More Money & “Jump-Start” Your Wealth. How To Grow Rich Fast.
“Create a business”
- An individual employee earns a paycheck. His or her employer deducts taxes; and finally, the employee can spend whatever’s left. However, business owners follow these steps in a different order: their business earns income; they spend money, which they can deduct from their taxes as business expenses; and, finally, they pay their taxes. Of course, you must structure your business correctly, have a source of funding and an exit strategy, and run the business responsibly.
“Discover your hidden business deductions”
- When you own a business, you can deduct many personal expenses from your business income. These include certain costs for your car, bad debt, business start-up, education, entertainment, professional fees, travel, interest, moving, equipment, charitable contributions and taxes.
“Pay your taxes”
- You have more control over your timing when you pay business taxes than you do when you pay personal ones. Ideally, pay your business taxes at the last minute, so you don’t incur a penalty for late payment but you also do not lend the government your money.
“What’s left goes into real estate”
- Because some kinds of real estate appreciate so quickly, “the more you can put into real estate…the faster your income will grow.”
“Real-estate income comes out tax-free”
- By finding a balance between depreciation and income from your property, you can manage not to pay any tax on it.
“Buy a house the right way”
- Although a home is a necessity, it is not necessarily a source of income. However, you can reduce your housing expenses by buying strategically – for example, by moving into a neighborhood where prices are rising.
“Make your home give you money”
- Tax loopholes allow a homeowner who has lived in a home for two years to sell it without paying capital gains taxes. Other loopholes apply depending on how long you have lived in your house.
- Happy Money. How To Make More Money, And Create Happiness.
- Make Big Money With Your Small Business. Start, Build, & Grow.
- Income Earning Ideas. Learn How To Make More Money From A Mom.
- 10 Steps To Dominating The Market In The Age of Amazon.
- 9 Secrets To Living A Good Life For Less.
- ProTips & Advice How To Start You Own Business – A Simple Guide To Small Business StartUp.
- 5 Things You Need To Know When Starting A Food Truck That No One Will Really Tell You. By Patsy Vivares From Sticky’s Chicken.
- Loopholes of the Rich. How the Rich Legally Make More Money and Pay Less Tax. Diane Kennedy. Wiley, 2004. Pages: 336.
6 Basic Rules How To Become Rich, Necessary Financial Lessons, From The Rich Dad Poor Dad By Robert Kiyosaki. How To Grow Rich Fast.
1. Money is a tool.
Money is a fulcrum, a device that lets you lever the circumstances of your life into financial security if you understand and apply a few basic principles.
2. Buy assets.
Nothing else matters: Buy assets and hold them until it’s clearly time to sell them. Or, hold them until you can invest in an even more valuable asset.
3. Think beyond the surface of any business story or situation.
Start looking for the hidden meaning, Kiyosaki says, you will begin to grasp new possibilities for the application and multiplication of your money.
For example, Kiyosaki cites the tale of McDonald’s founder Ray Kroc, who asks a group of business school grad students to tell him what business he’s in. They say – as you likely would – hamburgers. No, Kroc tells them. He’s in the real-estate business. He sells franchises so franchisees will buy the land on which their McDonald’s store sits. As a result, “McDonald’s owns some of the most valuable intersections and street corners in America” and around the globe.
4. Make your money work for you instead of you working for your money.
Your money must work for you to earn more money. Be cautious about trading your hours for cash unless you can invest and make it grow.
5. To be a “have” and not a “have-not,” you should incorporate.
In the United States, corporations enjoy enormous advantages in “accounting, investing, understanding markets, tax advantages” and “protection from lawsuits.”
6. Adopt a few basic operating principles.
- “Know the difference between an asset and a liability” – Kiyosaki holds this tenet first and foremost: “Buy only income-generating assets.”
- Incorporate to limit your risks – A corporation is a legal entity that protects the rich. Let it protect you, too.
- Build your “financial intelligence” – Master four primary skills: 1) Understand financial numbers; 2) learn investing strategies; 3) figure out how to benefit from supply and demand; and 4) know the laws governing your money and work within them.
- Heed the “principle of reciprocity” – Whatever you give comes back to you. If you want sales, “help someone else sell something.”
- Take a job that expands your field or teaches you about money – Any job you take just to get a paycheck will guarantee that you’ll never gain financial freedom.
- 10 Reasons Why Your Credit Score Is Like Your Report Card Of Life.
- Understanding the Report Card of Life. Your Credit Score in 5 Parts.
- 5 Credit Myth Busters. It Doesn’t Hurt To Know The Truth.
- 3 Ways How To Improve Your Credit Score. How To Improve Your Life Report Card.
- 3 Ways How You Can Take Advantage Of Credit Cards.
- 4 Credit Fixes To Avoid Financial Depression. How To Bail Out Your Own Financial Meltdown.
- Rich Dad Poor Dad. What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!. Robert T. Kiyosaki. Kaplan Publishing, 2011. Pages: 246
Getty’s 10 Rules of Making More Money And Becoming Rich. How To Grow Rich Fast.
J. Paul Getty struck his first oil well in 1915 and sold the lease for $15,000. He and his father formed the Getty Oil Company in 1916; the young Getty got 30% of the stock. By age 24, Getty was a millionaire and ready to retire. In 1957, Fortune magazine named Getty, by then a billionaire, “The Richest Man in America.”
Enter businesses you understand and know.
Focus on producing larger quantities of better goods and services.
Focus on being economical and then on making money – in both your personal and business life.
Always be open to new expansion opportunities wherever they are, but investigate thoroughly and avoid the temptation to over-expand.
Manage your business and delegate authority, but keep the responsibility of supervising your subordinates.
Lower costs and boost productivity in both prosperous and less prosperous times.
Be a risk-taker and be prepared to use borrowed money, but always repay loans quickly to preserve your credit rating.
Constantly look for new opportunities and markets.
Be proud of your work, honor your guarantees, settle customer disputes quickly and support a liberal service policy.
Wealth carries responsibility. Use your wealth to improve other people’s living standards, including your shareholders, employees and associates.
Getty stated that people are truly rich when they do what they really like and pursue “lasting values.” He criticized status seekers for being too materialistic and equating status with financial success (two different things, in his view). Like his father, Getty prioritized having principles, and creating something lasting and beneficial to society. To him, that was true wealth.
“After all, ‘richness’ is at least as much a matter of character, of philosophy, outlook and attitude, as it is of money.”
- 12 Truth About Starting Your Own Business.
- How To Engage Your Employees. Disney Develops The Most Engaged, Loyal, and Customer Centric Employees.
- How to Be Rich. His Formulas. J.P. Getty. Jove, 1986. First Edition:1965. Pages: 224.
8 Entrepreneurs Who Thought Big And Grew Rich Doing It Their Own Way. How To Grow Rich Fast.
1. Jeff Bezos of Amazon.com
- Jeff Bezos’ credo for success is “work hard, have fun, make history.”
- While working at a Wall Street company, he read a report that the Internet was growing at an annual rate of 2300%, he the decided to leave his job and start a company that utilized this growing technology.
- He made a list of 20 products that could be sold online.
- After further review, he settled on books as his first product because he knew he could offer an unlimited selection without the cost of opening stores.
- He chose Seattle as the location for his new business because he wanted to be near several major book wholesalers. He went to work on a business plan and the development of database programs.
- By 1995, his site was up and selling books.
- Today Amazon is the third-largest bookseller in the world. As of 1999, the company had more than 13 million unique customers and was selling more than 57,000 books a day.
2. Richard Branson of Virgin Group LTD.
- Branson’s management style is to keep his companies small and to challenge his employees.
- He believes a work environment with high expectations encourages people to excel.
- He leverages his vision by joint venturing with other companies that share the same vision.
- When asked why he takes on giants in the industries he enters, he replies, “We’re a company that likes to take on the giants. In too many businesses these giants have had things their own way. We’re going to have a lot of fun competing with them.”
3. Thomas J. Burrell of Burrell Communications
- Thomas J. Burrell founded the United States’ first black-owned advertising agency in 1971.
- His company was formed to create ad campaigns to reach certain ethnic and racial demographics.
- Burrell saw that the country was changing in ways that corporations would need to understand to remain competitive.
- He knew that large corporations’ ad campaigns would need to reflect the values of African-Americans and other groups who were being ignored by those companies.
- He designed campaigns to attract these dormant markets by delivering messages about the client’s products in “emotional envelopes” that were relevant to the groups he targeted.
- He knew that racism was strong in America.
- He still envisions a day when an agency owner’s skin color is irrelevant.
- He says, “The important thing is to enjoy yourself and continue to work. I know life is a journey, not a destination.”
4. Robert Johnson of BET Holdings, Inc.
- Robert Johnson’s personal goal is to launch an effective, direct attack on racism in the media.
- He built the Black Entertainment Network (BET) into the largest U.S. media company that focuses on portraying black Americans through their own eyes.
- Johnson’s hard work in building his career and his media empire has lead him to fully embrace capitalism as a powerful tool for change.
- Johnson believes “black people will become powerful in this country through control of economic wealth.”
- He believes that the acquisition of economic power will result in a decrease in racism.
5. Anita Roddick of The Body Shop, Inc.
- Anita Roddick start a company that delivered what she couldn’t find in the marketplace: honest cosmetic products sold at honest prices in accessible sizes.
- Roddick believes that the great joy of entrepreneurship is finding out what is wanted and making it happen.
- As a response to the cosmetic companies’ false product claims, Roddick handwrote cards describing the contents of her products and how they worked.
- These were the foundation of store’s philosophy of giving the customer honest information.
6. Sam Walton of Wal-Mart
- Sam Walton believed in the power of deep discounting.
- He believed that he could sell more products if he could figure out how to sell them at lower prices.
- Even knowing that he would make less profit per sale, he knew that he would make a greater total profit.
- Walton’s discounting so revolutionized retailing that he is considered the Henry Ford of his time.
- In addition to low price, Walton gave his customers excellent customer service and guaranteed satisfaction.
- He understood that people want to know that if they shop at his stores, they get product security at a better price, and it is low prices that bring customers to shop at his stores week after week.
7. Oprah Winfrey of Harpo, Inc.
- When she was 12 years old, the queen of daytime talk shows told her father that she would be “paid to talk” when she grew up.
- By 1986, she launched The Oprah Winfrey Show in national syndication. Today, it is American’s most popular talk show.
- In addition to her daily talk show, Winfrey has expanded her business clout through her ownership of Harpo, Inc.
- Winfrey uses Harpo to extend her brand into all areas of entertainment including movies, cable and Internet content.
- Winfrey uses her media access to present highly charged social problems to the public.
- She is known for discussing political issues and personally painful topics without exploiting them for their shock value.
- As she has said, “I see my TV show as a great forum for teaching. It is the biggest classroom you could ever imagine.”
8. Steve Wozniak and Steve Jobs of Apple Computer
- Working out of a garage with $1,300 in seed money Steve Wozniak and Steve Jobs helped create the computer revolution in the U.S.
- Their credo was to create products that were of the highest quality, both in design and function.
- Jobs convinced his parents to let them work out of the family garage and they started building computers for a small store in Mountain View, California.
- In their first year (1975-76), they sold 175 Apple I computers.
- The next step in the development of Apple Computer was to find venture capital.
- Jobs found an investor and the three men each had 26% ownership in the company, selling the remaining 22% to other investors. They decided to build a new computer.
- The Apple II, which was introduced to hobbyists at a local computer trade show, was the first “personal computer to provide color graphics and come in a light plastic case.” The year was 1977.
- The company then experienced great ups and downs. Wozniak left the company for personal reasons in 1981 and Jobs was forced out by then CEO John Sculley in 1985.
- In a bold move, Jobs returned to the company in 1997 and the rest is history.
- The Very, Very Rich. Profiles of Phenomenal Entrepreneurs, How They Got That Way, and How You Can, Too!. Mike Caslin and Steve Mariotti. Career Press, 2000. Pages: 153
7 Secrets To Thinking Big And Growing Rich. How To Become a Billionaire. How To Grow Rich Fast.
Find a monopoly
- Competition is annoyingly unprofitable, with price pressure, new rivals, grabby suppliers, pushy regulators and disloyal employees. Monopolists know striving to be the best is a fool’s errand. Being the only one in your market is far better. In 1659, when the city of Antwerp launched a rival postal service to compete with that of the Thurn and Taxis family, the Holy Roman Emperor intervened and hanged five would-be mailmen. In modern times, Pitney Bowes won a monopoly by gaining 100% of the US Postal Service’s metered-mail business. This dominant position yielded profit margins of 80%. Warren Buffett popularized the concept of “moats” – protections a business erects against competitors. A quality operator in a competitive industry can do well. In a monopoly, even a mediocre operator can get rich.
- For centuries, getting rich was all about getting big – amassing a huge empire and then clinging to it. By the early 1980s, size was out of style. Antitrust regulators clipped the wings of organizations that grew too large. Management experts such as Tom Peters focused on newfangled notions like motivating employees, studying customers and developing niche markets. Peters’s bestseller In Pursuit of Excellence doomed executives to “chasing pipe dreams of being the best.” However, running a company well doesn’t stop rivals from copying your approach. Only true scale scares off rivals. The Walton family used Walmart’s success to create four of the world’s 12 largest personal fortunes. Walmart uses its girth to pummel suppliers into cutting prices.
Poor markets yield big riches
- If you want to get rich, look for a chaotic venue like Russia in the 1990s. During Russia’s privatization wave, the national economy shrank and citizens’ life expectancy declined. Even so, Russian businesses made billions in oil, tobacco, fertilizer and other everyday industries. The biggest fortunes can come from the poorest countries. Mexico, India, the Philippines and Egypt are among the markets where business owners are more likely to find potential monopolistic opportunities.
Look for government guarantees
- Risk-free capital is the best kind of capital. Getting filthy rich often means taking advantage of government bailouts. In the 1700s, England bailed out the South Seas Co. and the East India Co. In 1980, public money saved Chrysler. More recently, the US government made sure Wall Street banks didn’t fail, despite the depth of the Great Recession.
- Working for someone else and investing in a diversified portfolio of stocks might create a comfortable living, but it won’t make you as rich as Gates or Slim. To get wealthy, you need to own income-producing assets. Whether you’re collecting rent checks from tenants who live in your real estate or gathering mining revenues, ownership means wealth. Ownership can be risky, of course: Property values can plummet. But those who find a way to steal property or to buy it dirt cheap boost their profits nicely.
Game the legislative system
- American sugar beet farmers created a case study in gaming agricultural policy. In the 1980s, the nation’s 11,000 sugar beet farmers extracted subsidies from Congress totaling $1.5 billion a year, more than $100,000 per farmer. The growers created a complex system of nation-by-nation quotas in a regulatory scheme so complicated it was difficult to undo. This became a prime example of what political critic P.J. O’Rourke labeled “dictatorship by tedium.” Anyone who tried to untangle the law would be bored into inaction. Getting rich from confusing legislation isn’t easy – you have to know how the system works, invest time and money in lobbying, and follow up to make sure legislators do what you want. The beauty of using laws to get rich is that it’s perfectly legal, and undoing your advantage requires passing yet more laws.
Create transportation or communications networks
- The railroad barons of the 1800s protected their monopolies by using unique track gauges that blocked their rivals’ trains from operating on their tracks. Today, telecommunications networks and package-shipping networks create high barriers to entry and, as a result, earn great wealth. But not all networks are surefire wealth creators. Airline networks, for instance, have proven disappointingly susceptible to competition from low-cost carriers and to disloyalty by bargain-hunting customers.
- 7 Real-Life Ways to Become a Billionaire
- How to Become a Billionaire – 7 Characteristics of the Rich & Wealthy
- How to Become a Billionaire by Age 40
- How To Become A Billionaire (Seriously) – Forbes
- How to Become a Billionaire — or a Millionaire — The Motley Fool
- Wealth Secrets. How the Rich Got Rich. Sam Wilkin. Little, Brown US, 2015. Pages: 432
11 Personal Lessons You Can Learn From Billionaires. How To Grow Rich Fast.
Realize that rules are breakable.
Recognize that copying pays more than creating.
Keep on growing and improving.
Hold on to your equity.
Value hard work (it’s essential).
Use financial leverage to increase your wealth.
Keep the back door open.
Be willing to make mistakes, and learn from them.
Be frugal in what you spend, since frugality pays.
Have fun and enjoy the pursuit.
Develop a thick skin because you will upset many people as you rise.
- 9 Secrets To Living A Good Life For Less.
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- 3 Ingenious Ways How To Travel Like A Boss.
- 7 Shopping Hacks To Make You Shop Like An Expert.
8 Strategies How To Become A Billionaire. How To Grow Rich Fast.
Take monumental risks
- Although not every self-made billionaire is a “financial daredevil,” each one has taken a major risk, daring to move away from the safe-but-sure path. Sam Walton incurred huge personal debt to expand his retailing empire. He also bet heavily on new technologies, like bar coding and a private satellite communication network. Two billionaires who were especially strong risk takers were H.L. Hunt and John Kluge. Hunt entered the oil business and bought out a struggling oil drilling company. The site proved to be the biggest oil discovery of its time. Kluge acquired broadcasting properties in 1959, leading to the development of Metromedia as the largest group of independent TV and radio stations in America.
Do business a new way
- Seek out profitable innovations. Be wary of those who are upset by change and want to hold you back. Sam Walton took the formula for discount merchandising (low overhead, low margins and high volume) to a higher level by pressing vendors for even greater discounts and using the latest in technology to create a smart inventory system.
Dominate your market
- Find a way to be the primary provider in a particular market. Gain a preeminent position. Show restraint in pricing, so you don’t invite competitors who want to undercut you. Rockefeller succeeded through consolidation in the refining industry, Gates by creating first DOS and then Windows, as the primary operating system for computer users.
Consolidate an industry
- Reduce the number of firms in an industry. The advantage of this is increased efficiency derived by spreading the fixed costs of production over more units. Consolidation also can result in volume discounts on raw materials or goods as well as cost controls from dealing with fewer suppliers. Wayne Huizenga sought consolidation in a variety of businesses, including waste hauling, videotape rentals, auto sales and rentals, and security alarms.
- Buy an asset at a low price when nobody wants it, and sell it at a high price when it becomes more desirable. Though it sounds simple, you need courage to do this, since you are going against the current market evaluation. However, this strategy proved very successful for J. Paul Getty, Laurence Tisch and Warren Buffett.
Thrive on deals
- Like Kirk Kerkorian, Carl Icahn and Phil Anschutz, be a good deal maker when you buy and sell businesses. Negotiate favorable prices on the way in and the way out. Finance the purchase on advantageous terms to increase the value of the asset through good management.
Out manage the competition
- Richard Branson exemplified this strategy by focusing on the three essentials: organization, recruitment and motivation. Branson entered more than 100 different businesses, including Virgin Atlantic Airways and Virgin Hotels.
Invest in political influence
- Connections enable you to get more favorable treatment, and may help you resist organizing your labor force so you can hold down labor costs.
- 7 Real-Life Ways to Become a Billionaire – Investopedia
- Want to Be Ridiculously Wealthy? 5 Successful Strategies
- How to Be a Billionaire: Proven Strategies from the Titans of Wealth
- The Billionaire’s Strategy for Success – Brian Tracy
- The Billionaires’ Strategy – Nightingale Conant
- 4 Billionaire Investing Strategies For Non-Billionaires – Business Insider
- 8 Wealth Strategies Used By Billionaires – Wealth Dynamics
- How to Be a Billionaire. Proven Strategies from the Titans of Wealth. Martin S. Fridson. Wiley, 2000. Pages: 310.